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Thursday, 9 February 2017

Bank of India sees further improvement in bad loans in Q4

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Bank of India Ltd does not expect any additional bad loans in the current quarter on a net basis, its chief said on Thursday, as India's sixth-biggest lender by assets reported its second consecutive quarter of profit after a stretch of losses. The state-run lender booked a net profit of 1.02 billion rupees ($15 million) for the three months to Dec. 31, compared with a net loss of 15.06 billion rupees a year earlier.

Gross bad loans as a percentage of total loans as at the end of December eased to 13.38 percent from 13.45 percent as at September-end. For the fourth quarter through March, the bank expects gross bad loan additions of about 35 billion rupees but also recoveries and upgradations by an equal amount, effectively adding no bad loans on a net basis, Chief Executive Officer Melwyn Rego told Reuters after the results.